Industry groups praise tax reform provisions in ‘Big Beautiful Bill’

Three industry organizations have praised the signing of H.R. 1 – also known as the Big Beautiful Bill – calling out provisions related to tax reform.

"With the signing of H.R. 1—the 'One Big, Beautiful Bill'—into law, millions of Americans now have a clearer path to financial security," said Marc Cadin, CEO of Finseca.

"Families and small businesses have the certainty and stability they need to plan for the future with confidence. This achievement reflects the strength of our profession’s unified voice and collective commitment, but this is just the beginning. With two-thirds of Americans still lacking a written financial plan, this moment creates new momentum to advance our mission of financial security for all. Together, we will keep pushing forward until that mission becomes a reality."

ERIC applauds key wins

James Gelfand, president and CEO of The ERISA Industry Committee, praised provisions of the bill that impact employer-sponsored health benefits and retirement plans.

“After months of work by the White House and Congress, the final bill includes key provisions to modernize employer-sponsored health benefits, expand affordable care, and strengthen the health and financial security of America’s workforce,” he said in a statement.

“We’re also pleased the bill preserves the tax

exclusion for employer-sponsored health insurance and the tax incentives Americans count on to save for retirement. ERIC will continue building on the bill’s foundational victories to deliver meaningful benefits changes for employees and their families, while guarding against efforts to weaken America’s private health and retirement systems.”

ERIC cited the following provisions in the bill:

• Sec. 71306 – Permanent extension of safe harbor for telehealth services: Codifies the safe harbor provision allowing high-deductible health plans to cover telehealth services without a deductible.
• Sec. 71308 – Treatment of direct primary care service arrangements: Allows patients enrolled in high-deductible health plans with health savings accounts to participate in direct primary care benefits, and to pay direct primary care fees from their HSAs.
• Sec. 70412 – Exclusion for employer payments of student loans: Makes permanent the exclusion for qualifying student loan payments made by employers. This provision would also adjust for inflation the maximum exclusion for taxable years beginning after 2026.

 

 Big ‘I’ praises tax reform

The Independent Insurance Agents & Brokers of America said passage of the bill concludes the association’s multiyear advocacy campaign.

“Passage of this reconciliation bill delivers on the promise to protect and make permanent much of the 2017 Tax Cuts and Jobs Act that so many of our members have come to rely on,” Charles Symington, Big “I” president & CEO, said in a statement.

“In particular, we would like to thank the president and congressional leaders for making the 20% small business deduction for pass-through entities permanent. That certainty, along with the existing low corporate rate, will allow our members to continue investing in jobs across Main Street America, and better serve their customers and communities.”